Summit Hotel Properties announced that the Company has closed on two acquisition transactions. On February 9, 2012 the company announced it had entered into a contract to purchase the 130-room Birmingham (Liberty Park), AL Hilton Garden Inn. In addition, the company has also closed on a second acquisition in Birmingham (Lakeshore), AL; a 95-room Hilton Garden Inn. Details of both transactions are listed below:
• The previously announced 130-room Hilton Garden Inn, Birmingham (Liberty Park), AL for a purchase price of $11.9 million including planned property improvements and a post-renovation, NTM capitalization rate in the range of 8.5 to 9.5 percent.
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